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The Draghi Default

Europe's politicians want monetary easing without pro-growth reform.

Updated Sept. 8, 2014 1:49 p.m. ET

You can't say Mario Draghi isn't doing his part. The European Central Bank President once again fulfilled the pleas of European politicians Thursday with another round of rate cuts and the promise of more monetary easing to come. Too bad the politicians keep using Mr. Draghi as an excuse to dodge their responsibility to pass pro-growth reforms.

Thus we are getting another round of the Draghi Default, in which monetary policy is supposed to do all the heavy growth lifting for Europe. The central banker obliged by cutting...